At this point you are not hurting anything by just messing with it.
I agree to first plug it in to power only (not the computer) for a few hours to overnight. That can resolve issues sometimes.
If that doesn't work, uninstall the driver and then reload it - and THEN plug the player into the computer. Then try reinstalling the firmware, then see if you can get the format option and try that. Then repeat everything mentioned until it suddenly starts working again or you get frustrated a buy a new player... ;)
